The student loan industry is booming, saddling over 37 million college students and graduates with $1.08 trillion in loans in 2013, even as President Barack Obama and lawmakers work to rein in the crippling debt young people face in the US.
The average cost of a Bachelor’s degree at a private college or university is $45,000, according to The College Board’s Trends in Higher Education. Students attending public schools in their home state pay just under $23,000 on average, while those paying out-of-state tuition can expect to pay more than $36,000 a year. In 2012, The College Board says the average student carried over $6,000 student loans for the academic year. Continue reading “Student loan debts top $1 trln in US”

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